European stocks closed lower at the end of Thursday’s trading , affected by a series of negative earnings reports in several sectors including technology and luxury goods.

The main European Stoxx 600 index ended trading down 0.7 percent.

The media sector shares fell by 3 percent, affected by a 23.5 percent drop in Universal Music Group.

The technology sector also lost 2.8 percent as shares of Dutch chipmaker BE Semiconductor Industries fell 14 percent after it forecast unchanged sales volumes in the third quarter, which came in below market estimates.

Shares of Paris-listed STMicroelectronics fell 13.7 percent after the chipmaker cut its full-year revenue and margin forecasts for the second time.

Europe’s auto sector fell 1.7 percent, hurt by an 8.7 percent drop in Stellantis after the carmaker reported worse-than-expected first-half results.

An index of 10 of Europe’s biggest luxury goods companies fell about 1.7 percent to a six-month low.

Source: Qatar News Agency